Author: Press Room

CVB Financial Corp. (NASDAQ:CVBF) Q2 2024 Earnings Conference Call July 25, 2024 10:30 AM ET Company Participants David A. Brager – President and Chief Executive OfficerAllen Nicholson – Executive Vice President and Chief Financial Officer Conference Call Participants Matthew Clark – Piper SandlerAndrew Terrell – StephensKelly Motta – KBWAhmad Hasan – D. A. DavidsonDavid Feaster – Raymond James Operator Good morning, ladies and gentlemen, and welcome to the Second Quarter of 2024 CVB Financial Corporation and its subsidiary Citizens Business Bank Earnings Conference Call. My name is Sherry, and I’m your operator for today. At this time, all participants are…

Wall Street suffered a third day of declines on Thursday after better than expected US growth figures failed to entirely cushion it from heavy sell-offs for chip stocks in Europe and Asia.In a volatile session, the Nasdaq Composite swung between early losses of 1.8 per cent and subsequent gains of 1 per cent before closing down 0.9 per cent. On Wednesday the tech-heavy index suffered its worst day in 18 months, dropping 3.6 per cent.The rollercoaster performance came after the US economy expanded at a 2.8 per cent annualised rate in the second quarter, beating forecasts and allaying concerns about…

Darrell Ann Murphy is relieved, grateful and newly hopeful Democrats can win Pennsylvania and the White House. But she is also still upset, a little mad even. “Wow, we’re losing Joe Biden,” said Murphy, 83, a retiree who keeps busy teaching the Chinese tile game Mahjong to fellow seniors. “Joe was us. He was every one of us. He cared so much about the middle class and everyone else of course.” We revisited Murphy this week at her Easton home, and she assembled the same group for a Mahjong game as she did when we first stopped by five months…

How do you know it’s time to say, “I am retiring”? Most people don’t get to choose, but for those who do, it may be one of the most consequential decisions we ever make. Being able to say goodbye means two rare things come together like in a Venn diagram. You need to have enough money to retire (about 38% of people approaching their mid-60s) and a job you like and that likes you back, without age discrimination or physical and mental limitations. The intersection is only about 11% of people in their mid-60s have enough money to retire and…

Mortgage rates remained relatively unchanged from last week, with a slight movement higher.  Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage increased to 6.78% this week from 6.77% last week. The average rate on a 30-year loan was 6.81% a year ago.”Mortgage rates essentially remained flat from last week but have decreased nearly half a percent from their peak earlier this year,” said Sam Khater, Freddie Mac’s chief economist. “Despite these lower rates, buyers continue to pause, as reflected in tumbling new and existing home sales data.” The average…

National debts have increased by a substantial amount in the last 20 years, but none by as much as student loans. Since 2003, student loan debt has increased by 430%, according to a study by the Kaplan Group. Although student loan debts have stabilized in the last few years, levels remain staggeringly high. Debt in general grew by 81.5% during the same time period. Student loans led the pack, followed by auto loans, which grew by 91% in 20 years. Mortgages followed close behind, rising by 80% since 2003. Credit card debt also grew, but not by nearly as much…

A growing number of Americans are falling behind on their monthly credit card payments as they continue to battle high inflation and interest rates. New data published by the Federal Reserve Bank of Philadelphia shows that credit card delinquency rates in the first quarter of 2024 rose to the highest level since 2012, when the Fed began tracking the data. All stages of credit card delinquency — 30, 60 and 90 days past due — rose during the first three months of the year.The proportion of card balances that were more than 60 days past due at the end of…

Car buyers who were among the first to make the EV switch are far from wholly converted.Nearly 30% of electric vehicle owners globally are likely to switch back to internal combustion engine vehicles, according to a recent survey of consumers around the world conducted by McKinsey.Many U.S. EV owners, in particular, are having second thoughts. According to the McKinsey survey, 46% of U.S. EV owners claimed they were likely to switch back to ICEs, well above the 29% global average of EV owners who stated they were likely or very likely to switch back to gas-powered cars, which included drivers…

After weeks of hitting new highs, the S&P 500 index on Wednesday suffered its worst trading session since 2022.The market broadly began to recover Thursday amid a sell-off in technology stocks. Experts say those stock moves and shuffling sectors are common during a bull market.But Bank of America is calling today’s conditions something else — a buffalo market — which is still in the bull family. But unlike the bull market, it may get tired after a strong runup.”It might roam, it might wander in the summer months,” said Marci McGregor, head of portfolio strategy at Merrill and Bank of…

OpenAI on Thursday announced its most direct threat yet to its stalwart Big Tech rivals: a search engine that uses artificial intelligence baked in from the beginning. The company is testing SearchGPT, which will combine its AI technology with real-time information from the web to allow people to search for information in the same way they talk to ChatGPT. While the search engine is currently in an early test for a limited number of users, OpenAI said it plans to integrate the tools into ChatGPT in the future. With the new feature, OpenAI will be directly competing with Google, which…